UAE shares escaped a lacklustre day for global equities despite slipping oil prices and disappointing purchasing managers index data in Europe.
The Euro Stoxx 50 was trading around 1 per cent lower, after the euro zone’s PMI slipped to 51.5 last month, down from 51.7 in April and 52.2 in May last year.
Crude oil prices continued to slip before today’s Opec meeting in Vienna. Brent crude futures declined to about $49.24 in afternoon trading.
The Dubai Financial Market General Index closed almost unchanged at 3,315.36.
Emaar Malls and Emirates NBD were the pick of the big-name gainers in Dubai, rising by 2.2 per cent and 0.5 per cent respectively.
At the other end, DIB and Damac Properties declined by 1.7 per cent and 1.2 per cent.
Shuaa Capital was among the main gainers in Dubai, closing up 6.3 per cent, at 69 fils, on reports that Arqaam Capital, Abu Dhabi Financial Group and Al Mal Capital are among bidders for the investment bank.
The investment bank, partly owned by Dubai Group, is the second best performer on Dubai’s stock market so far this year, gaining 59.8 per cent in the year to date.
In the capital, the Abu Dhabi Securities Exchange General Index rose by 0.8 per cent at 4,284.92, thanks to a 2.2 per cent gain by Etisalat.
Dana Gas rose to its highest level in a month, closing up 3.77 per cent at 55 fils.
NBAD and ADCB were among the other big-name gainers, rising by 1.2 per cent and 0.5 per cent respectively.
jeverington@thenational.ae
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